The oft-quoted Galaxy Digital Capital Management CEO Mike Novogratz is now out with a fresh Bitcoin prediction. Speaking at a conference in New York, Novogratz stated that he finds it unlikely that Bitcoin will surpass the $9,000 barrier during 2018.
Novogratz is a former Wall Street hedge fund manager who now heads the aforementioned cryptocurrency investment firm. Moreover, avid cryptocurrency supporters will know that he has released a myriad of Bitcoin price predictions and other observations relating to the industry.
His most recent statements, on that he does not foresee Bitcoin massively breaking out of its current price levels, came during the Economist Finance Disrupted conference in New York.
More specifically, Novogratz was quoted as saying that ”I don’t think it breaks $9,000 this year” in relation to the premier cryptocurrency.
Nevertheless, it should be noted that Novogratz is not bearish on the cryptocurrency. He went on to say that he expects it to take until the first two quarters of 2019 for the price of Bitcoin to surpass $10,000.
Furthermore, the reason for the current price pressure on Bitcoin, according to Novogratz, supposedly stems from the fact that industry actors have been forced to sell significant amounts of cryptocurrencies to ”fund the burn rate of the industry”.
In addition to this, Novogratz added that some cryptocurrency companies have faced difficulties following last year’s cryptocurrency boom, and are now under pressure to pay salaries and other costs for their continuing operations – which they do by selling cryptocurrencies.
Novogratz has previously predicted that Bitcoin could increase to as much as $40,000 during 2018 – although this was during last year’s cryptocurrency boom. More recently, he has also stated that the price of Bitcoin has reached its bottom.
This would appear to be true, at least for the moment being, as the price of Bitcoin has consequently stayed north of the $6,000 barrier, with Bitcoin trading around $6,545 at the time of writing. Novogratz has referenced ”seller fatigue” as being the reason for this.
Furthermore, Novogratz stated during this summer that mainstream adoption of cryptocurrencies could still be as much as five or six years away. Nonetheless, he has stated that he sees institutions embracing the technology in just two to three years.
Moreover, he has also pointed to FOMO – Fear of Missing Out – as something that could potentially cause the price of the cryptocurrency to rise dramatically.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.